Jay-Z, along with his record company Roc-A-Fella Records, has teamed with art sellers Sotheby’s to sell their first NFT (non-fungible token) artwork, as reported by Pitchfork. The artwork in question is the commissioned piece by artist Derrick Adams which was made for Jay-Z’s Reasonable Doubt album.
The art piece, called Heir to the Throne, has been set at $1000 as a starting bid and will close on Friday morning, July 2. A portion of the sales will go towards the Shawn Carter Foundation, though it is not clear if the money will be split between all parties involved, including the artist, Adams. The news comes after Jay-Z and his record company blocked co-founder Damon Dash from selling an NFT from the Reasonable Doubt album.
Derrick Adams spoke positively about the plan, explaining, “With this NFT project, we jointly embrace the opportunity to further the conversation about how artists of different mediums contribute to a more inclusive society. My portraits aim to capture the sensibility, optimism and beauty of urban life, and in Jay’s work I’ve found tremendous kinship.”
Cassandra Hatton, Sotheby’s Global Head of Science and Popular Culture, agrees that this is fitting. “It’s fitting that Jay-Z’s pioneering lyrical brilliance is commemorated through the iconic vision of acclaimed artist Derrick Adams in a bold new medium.”
Rock-A-Fella Records sued co-founder Damon Dash over Dash’s attempt to sell his own Reasonable Doubt NFT. A federal judge agreed with Jay-Z and Roc-A-Fella Records’ claims, and prevented Dash from doing so.
Photo Credit: Sharon Alagna.